To highlight his pyramid scheme belief, he played an Herbalife promotional video at a special Sohn Conference yesterday of the company basically touting itself as a way to improve one's lifestyle.

The guy in the video, Doran Andry, who is a "Chairman's Club Member" at Herbalife, shows of his mansion and luxury rides.

"You know, it's really amazing. I step out of the Ferrari, the Bentley, or whatever, and people go 'what does he do for a living? -- and I go, 'I'm an Herbalife independent distributor' and people are absolutely amazed," Andry said in the video.

Ackman pointed out that the only way that guy could afford a lifestyle like that is to recruit a bunch of people.

Check it out: (Note: We had to pull this video from YouTube, but it's the same clip Ackman played yesterday).

Since confirming his short position on Wednesday, shares of Herbalife have slumped.